briefly explain the various steps that the government has taken to bring about economic in all sphers
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Following are the various steps-
- Abolition of licensing: Before the advent of the New Industrial Policy, the Indian industries were operating under strict licensing system. Now, most industries have been freed from licensing and other restrictions.
- Freedom to import technology: The use of latest technology has been given prominence in the New Industrial Policy. Therefore, foreign technological collaboration has been allowed.
- MRTP Restrictions Removed: Monopolies and Restrictive Trade Practices Act has been done away with. Now the companies do not need to seek government permission to issue shares, extend their area of operation and establish a new unit.
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